Mumbai, March 20, 2003: Credit Suisse First Boston, Singapore has issued a notice of disclosure regarding the pledge of shares of Zee Telefilms Ltd. in their favour to National Stock Exchange, Bombay Stock Exchange and other exchanges
in which the shares of Zee Telefilms are listed.
This is in relation to a borrowing made by Delgrada against pledge of shares. We would like to clarify that this is not a borrowing by Zee Telefilms Ltd. or any of its subsidiaries.
This pledge has been approved by the concerned authorities in India and recorded with us. It is not in any way connected to any acquisition or transfer of Zee shares. As noted in the disclosure to stock exchanges, only a pledge of these shares has been made as security for repayment of borrowings.
We hope this clarifies the matter and sets at rest erroneous speculation seen in the press a few weeks ago.